Evening Star Newspaper, July 29, 1923, Page 26

FINANCIAL RAILROAD SHARES MARKET FE FEATllRE Decline in Stocks of Lines in Northwest Brings Deep Concern to Investors. RECEIVERSHIP IS SHOCK Financial World Awaits Real Peace in Europe—Bright Spots Amid Clouds. BY GEORGE T. HUGHES. ispatch to The S YORK, July standing feature in markety during the continued decline in the stocks of the northwestern railroads. The in- cident is important not simply as affecting shareholders in these par- ticular railroads; in its larger as- pects it concerns investors in securi- ties For the 8.—The out- the securities week wal the months those has been to give past six whose business it speculative advice to Wall street beve been urging the purchase of railroad stocks as veing far safer for investment purposes than shares in industrial companies or even in utili- ties. 1t was pointed out that the railroads were doing a record busi- ness, that their service to the coun- try was absolutely essential and that there had been no corresponding ad- vance in the price of railroad stocks. Such an advance must come, it was argued, to put the rallroad shares in line with the rest of the market, Object of Bear Attacks. For the most part this advice fell upon unheeding ears. Week after week carloadings made new records. Month after month earnings state- ments were more favorable. Still investors held off. . The explanation commonly given was that they fear- d the effect of adverse legislation. en dividend ine: such as that of the New York Central, and initiai dividends, such us that of Pere Mar- quette, failed to stimulate interest. Now, under the influence of the slump ‘heat and signs of the times as Sed in the Minnesow election, s. led by these north- . have been the object ‘oncentratgd bear attacks and considerable liquidation on the actual holders, instead of ing. Receivership Causes Shoc To add to the difficulty, on Thurs- day came the announcement of a re- ceivership for th nneapolis and St. Louix. All this hay made a deep und unfortunate impression upon the very people who must be relied upor for the new capital which the ra roads so greatly need. The danger that these incidents will b fied out of all proportion to the The troubles of the Minne- Louis we: s D apclis - well informed prisc Hill roads cultics ng time utting of the per cent Moreove affected bY the unfortunats pii the whe: S Competit from the wdverse other t Would Improve Credit. then that confrs xecutives and vallroad bank Pow to restore railroad l.x.»um that new financing can be accom- | plished, not by incr g bonded ! indebtedness. which mest of the roads is far too high in proportion to total capital . but | by marketing of new stock, red if receseary, common if sible. It is auite evident ‘that prescnt favorable earnings are not sufficient for this purpose <ome assurance that will given an oppor- work out their own sal- le regulation and that the evi- ich this wel market has .\mmmx will be considered when sress mects to take un both the ultural and the raiiroad situa- Tt is admitted that the farmer lower freight rates on his! but it will do no good to relieve the farmer by strangling the railrcads. The nroblem is one thej solution of which requires states- manship of a high order. | Burope Must Have Peace. itally important ques- st be answered befor urity markets can be put on > basis, is how to restore ac- simply technical peace to this, it_is very & ic. The most that can be said is that the market price of the sccurities most closely affccted—foreign bonds—does not seem to reflect the same amount of mism as the news .dispatches. Tt may be that the markets take the view that no matter how dark the outlook a way out will be found. “imply because it must be found. Undoubtedly the moet dangerous as- pect of the whole situation is that currency collapse in Germany ill bring about a real crisis before | this way out is discovered. Azainst all this gloom mav be set ontinued ease in tho money As far as the future can The problem the roads tunity to vation fre tion tion needs products, is edit for a lun[z time to; come. de conditions remain fa- torable. Such action as has oc- carred is' normal to the season. There continues to be overproduc- tion in oil. but. sooner or later, that will correct iteelf. While wheat is low. corn is high. And business is stll going ahead. hopefully if cau- tiously. DRY GOODS MARKETS i Dlx 116% 659% 104 95y in the case of {153 MUCH MORE ACTIVE .5 Buyers After Percales and Ging- hams—Dress Goods Open- ings Tuesday. e Associated Press W YORK, July 25.—Dry goods markets made more progress toward an active demand in the past week, owing 1o the many low prices named. Per- cales and ginghams have _attracted more attention from buyers._Other cot- tons also were bought. Yarns con- tinued irregular, but some fair-sized <ales at low prices were reported. Dress Zoods openings are continuing and large lines will be opened on Tuesday. Moderate progress is reported in booking orders for spring men’s wears. TLow raw silk prices gave silk manufac- turers more _encouragement. Linens were quiet. Jute goods were low in price and sold moderately, CASHIER BURNS BOOKS ! AND ASKS FOR ARREST PHOBNIX, and Merchants' Bank of Tempe. Ariz.. near he vith deposits of $400,000, closed its doors. Thornton Jones, ir.. cashier, appeared at the sheriff's office here and -announced he had burned the bank's records and ex- pected to be arrested. He was. COPPER AT 14 3-4 CENTS. NEW YORK. July 25.—Except for » continued fair export demand. busi- Ariz., July 28.—Farmers ! uess in the copper market has been quiet during the past week. with nractically no change in prices from the 14% -cent level for electrolytic de- livered. Pig iron weaker. ~—1%83— Div. High. Low. Rate, 56 4 Ailr Reduction 6% —— Ajax Rubber 62% 4 Allied Chemi _ 108% 7 Allied Chemical & Dye n(. . 87T% 4 Allis-Chalmers Mfg 89% 7 Allis-Chalmers Mtg pt —— Am Agriculture Chemical. —— Am Agriculture Chem pt. 5 American Bank Note. —— American Beet Sugar. . 4 — American Bosch Magneto. 5 Am Brake S & Foundry. 5 AmericanCan.... 7 American Can pf. 12 American Car & Foundry. 50c Am Chain class A w i —— American Chicle. —— Amerlcan Cotton Ofl. —— American Cotton Ol pf.... 4 — Am Druggist Syndicate. 6 American Express. —— American Hide & Leath, —— Am Hide & Leather pf. 7 American Ice % —— American International. 1 AmLaF Fire Engine ~— American Linseed. . - Am Locomotive (new) 7 American Locomotive pf 3 American Metal. . e 4 American Radlator. 4 25c American Safety Razor. 1% —— Am Ship & Commerce. . 5 American Smelting & Ref. 3 American Steel Foundry. . — American Sugar Refining. 7 Am Sugar Refining pf- —— Am Sumatra Tobacco 9 Am Telephone & Tele i 12 American Tobacco. 12 Am Tobacco Class B. 5 — Am Water Works & E 4 Am W W & Elec par pt 7, AmW W & Elec 1st pf. 7, American Woolen. . American Woolen pf. .. —— Am Writing Paper pt —— American Zinc Lead & S. 3 Anaconda Copper.. —— Arnold Constable & Co. 4 Asso Dry Goods. . 6 Asso Dry Goods 1st. 6 Associated Oil.. 6 Atchison, Topeka & S Fe 5 Atch, Topeka & S Fe pf. 7 Atlantic Coast Line —— AtlanticGulf & W I 6% — Atlantic Gulg & W Ipt 4 Atlantic Refining. . —— Atlas Powder (n Atlas Tack. .. —— Austin Nichols. 7 Baldwin Locomotive Baldwin Locomotive pf. 4« —— Baltimore & Ohio. ... 4 Baltimore & Ohlo Bf. —— Barnsdall, Class B. —— Bayuk Bros. ... 240 Beechnut Packing 5 Bethlehem Steel 4 — Booth Fisheries. .. —— British Empire Steel. “— British Emplire Steel 2d pf . i 8 Brooklyn Edison Electric. 1 Brown Shoe. : 10 Burns Bros 2 Burns Bros 50c Butte Copper & Zinc. 2 Butte & Superlor. —— Butterick Company . —— CaddoCentO& R 6 California Packing 1% California Petrolm (new). 7 California Petroleum pf.. —— Callahan Zinc & Lead 4 Calumet & Arizon; 10 Canadian Pacific. —— Central Leather Co....... ——— Central Leather Co pf. 412 Central Railroad of N J. Century Ribbon Mills. 1 Cerro de Pasco Copper. .. —— Certain-Teed Products. 6 Chandler Motor. . 4 Chesapeake & Ohio. . 613 Chesapeale & Ohio pf. Ch g0 & Alton pf. . —— Chicago & East Ulinois. —— Chicago & Great Western, —— Chicago & Gt Western pf.. —— Chi, Milwaukee & St Paul. Chi, Milwaukee & St P pf.. Chicago & Northwestern. ‘hicago & Northwest pf. .. =0 Pneumatic Tool . Chicago. It I & Pacific. hi R1& Pacific 6% hi R I & Pacific 7% — Chino Copper. 5 Cluett-Peabod 7 Coca-Cola —— Colorado Colorado § 260 Columbia Gas (new). 4 Columbia Carbon.... 6 Comput Tab Record Consolidated Cigar Consolldated Gas new. —— Consolidated Textile. 4 Continental Can. Continental Motors 47% Corn Products Ref. 4 Cosden Company 4 Crucible Steel. 4 — Cuban-American Sugar. Cuban-AmericanSugarpf. —— Cuba Cane Sugar. . —— Cuba Cane Sugar pf. . ~——— Cuban-Dominican Sugar —— Cuba-Dom Sugar pf 1 Cuyamel Fruit.. —— Davison Chemical 9 Delaware & Hudson 6 Delaware, Lacka & West 8 Detroit Edison 4 Dome Mines. 6 DuPontde Nemours. 6 Du Pont de Nem 6% deb. 4714 Eastman Kodak 2 4% Electric Storage 3 5 Endicott-Johnson —— Erie Rallroad. . Erie Railroad 1st pf. —— Erie Railroad 2d pt 8 Famous Players-Laskey 7 . Federal Min & Smelt pf 64c Fifth Avenue Bus 10 Fisher Body..... —— Fisk Rubber 3 +8 Fleishmann Company. 6 Foundation Company —— Freeport-Texas. . . 3 General American Tank —— General Asphalt. 5 General Asphalt pf. 4 General Baking. 8 General Electric. 60c General Electric spectal. .. 120 General Motors. ..... General Motors 6% deb. Genera! Motors 7% deb Gimbell Brothers Gimbel Brothers pf Goodyear T & R 8% pf . Goodyear T & R pf. Granby Consolidated Great Northern pf.. . Great Northern Ore ctf Greene Cananea Coppe: Guantanamo Sugar-. Gulf, Mobile & North pf. Gulf States Stee Hartman Corpor: Hayes Wheel. .. Hendee Manufacturing Household Product: —— HoustonO1l....... 2% Hudson Motor Car. ‘l‘% 1 Huppmoblle Motor Car 106 7 Illinois Central. .. 111 6 lllinois Central pf. 5 —— Independent Oil & Gas . —— Indiahoma Refining. 81“ 2% Inland Steel 27% 2 Inspiration Copj 9% —— Interboro nlnld Transit —— Inter Agricultural pt. 5n s International Cement. 4 2 Internat Comb Engine 17 —— Internat & Great North. % 72% 6 International Har, new. 108% 7 Inter Harv pf (new). 21% —— Int Merchant Marine pf. . 11% —— International Nickel 38% —— International Paper. 64% 6 Int Telephone & Telog. 264% 1 Intertype Corporation. . 9% —— Invincible Oil:. 17% — Jewel Tea. . 50 4 Jones BrosTea 16% —— Kansas City Southern. ao Kayser (Julius) & Co e Kelly Springflald Ti 8% 6 Kolsey Whaeler oo 32 3 KennecottCopper.. .. —— Keystone Tire & Ri bber. - 35% — Kinney (G) (R)..orr . 75 {10%Laclede Gas. ... % —— Lake Erle & Western..... m 30!6 WM-IK“D THE SUNDAY STAR, WASHINGTON, D. C, WEEK ENDED JULY 28, 1923 +HLe+001 1+ e 11+ 39% 30 86% 188 (REPE . AR RS B S 86! 12!% llB 24% u 10% 19 (T T ol O S S I | 144% xzsy. 10 6% 0% 4 T4% 63 119% 101% 7 614 JULY 29, 1923— NEW YORK STOCK EXCHANGE Wesk mnu July 9. 1008 Wot. Lee Rybber & Tire. .. Lehigh Valley...... Liggett & Myers. Liggett & Myers pf. Lima Locomotive. Loew's. Incorporated. tt, Incorporated.. Loose-Wiles Biscuit Lorillard, P. Loutsville & Nashvilie MclIntyre Porcupine Mines Mackay Cos pf Mack Trucks. .. Mack Trucks 1st pf. Magma Copper. Mallinson & Co. Manhattan Elec Supply. .. Manhattan Elevated gtd. . Manhattan Shirt. .. Market Street Raflway Market St Railway pr p! Market St Railway 2d p Market St Raflway pf Marland Oil & Refinin Martin-Parry... Mathieson Alkali. Maxwell Motor, Cli Maxwell Motor, Class B May Department Stores Mexican Petroleum. . Mexican Seaboard. . Mexican Seaboard ctf: Miami Copper. . . Middle States Oil Migvale Steel. Minneapolis & St L new Mo Kan & Texas new. Mo Kan & Texas pf new Missouri Pacific. | | aeama - 9 Nmml |us||aiw‘s s e tote - 3 Montana Power. Montgomery Wa Moon Motors. . National Biscuit ational Biscuit p National Cloak & Suit Nat Department Store Nat Enamel & Stampg. tional Lead. National Lead Dl Nat Rwys of Mex 2d I)l' Nevada Con Copper. vew York Air Brake. New York Central York Dock pf. . York, N H & Hart. New York Ontario & W rfolk Southern. orfolk & Western. Yorth American. . North American pf. Northern Pacific. . Ohio Body & Blow Ohio Fuel Supply. x Oklahoma Prod & Hefin. - Orpheum Circuit Otis Elevator Otis Steel. . Owens Bottle Pacific Oil. .. A Packard Motor Car. Pan-American Pet Tran: Pan-Am P Trans Class B Penna Coal & Coke. Pennsylvania Rallro; Penn Seaboard Steel People’s Gas . Chicag Pere Marquette. ... Pere Marquette pf. .. Philadelphia Compan Philip Morris & Co. Phillips Petroleum. Pierce-Arrow..... Pierce-Arrow pf 5 Plerce-Arrow prior pf Pierce Vil Pittsburgh Coal pf. Pittsburgh & W Viry Postum Cereal Pressed Steel Car. Producers & Refiner: Public Service new..... Public Service 8% pf. Pullman Co . Punta Alegre Suga Pure Oil Rapid Transit w i. Rapid Transit pf w i Ray Consolidated (‘opDer |Ia,,_'l.,,mll““l"i'l‘lH||| | © Reading 1st pf Reading 2d pf. Remington Ty Dewnter Replogle Steel. Republic Tron & Steel. .. Republic I & Steel pf .. Reynolds Spring. . Reyuolds Tobacco, B. . 2 Royal DN rshs..... t Joseph T []]==] ||'=I=°=-l==|°l [ woms e St Louis Southwestern. . . . St Louis \nulhwestern of. Savage Arms. Sears-Roebuck . eneca Copper. : 213cShell Trad & Transport. Shell Union Ofl........... Simms Petroleum. Simmons Co. mcllir(,mloll i Southern Rallw: Southern Railway p! Spicer Manafacturing Standard Milling. Standard Oil of California. Standard Oilof N J. Standard Otl of N J pf. Steel & Tube pf. Sterling Products. 814 Stewart Warner Speed... . 7 Stromberg Carb. 10 Studebaker.. —— Submarine Boat % —— Superior Oil.... 1 Tennessee Cop & Chem 3 Texas Company. 6 Texas Gulf Sulph —— Texas & Pacific. . . 1 Texas & PacificC & —— Tide Water Oil. .. 8 Timken Roller Bear. 4 —— Tobacco Products. 7 TobaccoProductsClass A . 7 Tobacco Products p: —— Transcontinental O —— Underwood Typewriter. 6 Unlon Bag & Paper. Union Pacific. Union Pacific pf. 3 United Alloy Steel 150 United Drug.... 3% United Drug Ist pt. 8 United Fruit —— United Rallw est % 360 United Retall Stores. CIP & Foundry. 1 1 2 8 o st 6 South!rn Pacific 5 5 2 1 7 1 103% 38% 51% 1821 109% 7 Industrial Alcohol . ited States R & Imp. % % % —— Vanadium Corporation —— Van Raalte —_— Vlrllnll-C.ronnl Chem. ~—— Va-Car Chemical pt.. 2 ValIron, Coal & Cok 2 VVivaudou. 215 Wells-Fargo...x. 7 Western Electric pf. 2 WestPenn.......... —— Western Maryland. A —— Western Maryland 2d pf. ~— Western Pacific. . 6 Western Pacificpf..... Western Union Teleg. . 4 West'ghouse Elec & Mfg. 6% —— Wheeling & Lgke Erie. Wheeling & Lake E p: White Eagle Oil. .. White Motors. Wickwire Steel Wilson & Co Willy: —— Wisconsin Central. % 26 199% 8 Woolworth (F W). Dividend rates 8% — 2% |ments based o s given in the above table are the annual cash BI!‘ latest quarterly or half yearly decl: Close. Chge. 10 631 arations. R ) |+ O ] T R L o P 8 | Lid b LIS ¥ kel SIS (R BEuE Li++i 110 o b o | b vt o T T O Y I Y | ine uma.n extra or special dlv«len- are not l-c{n«d. t Partly oxtr\ ART 1, . 8. BONDS. 101 Do 100-08 Libeny 3148 1932-47. 97-10 Liberty 1st 4s 1932-47 96-12 Liberty 2d 4s 1827-42..... 96-20 Liberty 1st 41,8 1932-47.. 96-24 Liberty 2d 445 1927-42 96-27 Liberty 4th 418 193: 2o 98-1 Treasury 4%s 1947-52... FOREIGN, Argentine 7s 19 Belgium 71%s 1946 Belgium 6s 1925. Belgium 8s 1941 Bordeaux 6s 1934. i Brazil 58 1941.... Canada Gs 1926 Canada 5%g 1929 Canada 58 1952, Chile 8s 194/ Chile 8s 192 Chile 8s 1941 15 Chinese Govt Ry 3 Copenhagen 518 T944. Czechoslovakia s 1951. % Denmark 88 1945. Denmark 6s 1942. Dutch East Indies 68 1947..... Dutch East Indies 6s 1962. Framerican Ind Dev 71 French Govt 8s 1945 French Govt 7%s 1941. - i Holland-American s f 68 1947 Japanese 1st 4%s 1925. . 4 Japanese 2d 43%s 19 Japanese 48 1931. - Jergens Utd Margarine 6s 1947. Lyons 6s 1934. Marseilles 65 1934 Mexico Gs 1954 4 Mexico 45 1954 Netherlands 6s Norway 8s 1940. 4 Paris-Lyons-Med 5 Queensland 7s 1941.... Queensland 6s 1947. 5 Rio de Janeiro 8s 1946 Sao Paulo, State of, s 1936. Seine, Dept of, 7s. Sweden 63 1939. Swiss Confed s f 8s 1940. Inited Kingdom 51s 1929. 4 United Kingdom §ias 1987. Prev. week's Close. 102% 100% . 96 . 101% INDUSTRJAL AND MISCELLANEOUS. 96% Amer Agrl Chemical 86% Amer Smelt & Ref 1st 5s 194 100% Amer Sugar Reflning 6s 1937. 95 Amer Tel & Tel cl tr 55 1946 Amer Tel & Tel cl tr 4s 1929 Armour & Co 4%s 1939, : ; Atlantic Refining deb 5s 1937. Bell Tel (I’a) ref 5s 1948 Bethlehem Steel p m 5s 1936 Bethlehem Steel s f 65 1943 Brookiyn Edison 7s D 1940. . Central Leather 5s 1925 4 Cerro de Pasco 8s 1931. Chile Copper 6s 1932. . 4 Cons Coal (Md) 1st ref 5s 195 Cuba Cane Sug cv deb 8s 193( Detroit Edison ref 6s 1940. Du Pont de Nem 7355 1931. . Empire Fuel & Gas T%s 1937.. General Electric, deb 5s 1952 % Goodrich (B F) 6l¢s 1947. Goodyear Tire $s 1931 Goodyear Tire $s 1941 7 Humble Oil & Ref 5 Indiana Steel 5s 1952. Inter Mer Marine 6s 1941 Inter Paper 58 B 1947. Kelly-Springfield Ss 1931 Lackawanna Steel bs 1950. . Liggett & Myers 5s 1951. Manati Sugar s f Tls 1942 Midvale Steel 5s 193 New England Tel 0s 1 New York Edison 1st 6% New York Tel 63 1941. 4% New York Tel 1%s 1939. North American Edison 6s 1952 Pacific Gas & Elec bs 1942 Pacific Tel & Tel 5s 1952 - Philadelphia Co ref 6s 1944. ervice 5s 1959. Oil 7s 1937.. - South Porto Rico Sugar 7s 1941. Standard Oil of Calif 7s 1931. Union Bag & Paver 6s D. United Drug cv 8s 1941. > U S Rubber 1st & ref &s 1947 Western Union Tel 6% Wilson & Co 1st 65 1941. Wilson & Co cv T4s 1931 RAILROAD, Atchison gen 48 1995. - ‘Atlantic Coast Line 1st 45 1932 Balto & Ohio pr In 3158 1925.... Balto & Ohio gold 4s 1948. Balto & Ohio 6s 1929.. Balto & Ohio cv 414s 1933 Balto & Ohio ref &s 1995. 4 B&OPitts LE & W Va 4s uu B & O Southwn div 81s 1925 nadian Northern 61s 1946. .. Carolina Clinch & Ohio 5s 193§ Central Paclfic 4s 1949 s Chesapeake & Ohio cv 5s 1846 Chesapeake & Ohio cv 4135 1930. Chesapeake & Ohio gn 4148 1992 Chicago & Alton 3s 1849 ago & Alton 31zs 1950 Chi B & Quincy 1st ref os 191 Chi Great Western 4s 1! Chi M & St Paul ref 435s Chi M & St Paul cv 5s 2014 M & St Paul cv 4% 1932 M & St Paul gen 4%s 1989 Chicago Railways 5s 1927. - Chi R T & Pacific ref 4s 1931. .. 5 Chi Union Station 413s 1964.. Chi Union Station 6%s 1963 Chi & Western Ind con 4s 19; CCC & St L ref 6s A 1929. Cleveland Term 5%s 1972. Cuba R R bs 195; Delaware & Hudson 5%s 193 Den & Rio Grande con 4s 1936 Den & Rio Grande 1st ref bs 1955 Detroit United 41zs 1932 - Erie 1st con 4s 1996.... Erie gen lien 4s 1996 Erie cv 4s A 1958 Grand Trunk 7s 1840.. 4 Great Northern gen 7s Great Northern gen 58 1952 Hudson & Manhattan ref 5s 19 Hudson & Manhattan adj 5s 1957 Illinois Central 53s 1934. Inter Rapid Transit Gs 196 Inter Rapid Transit cv 7s 1 4 Inter & Great Nor adj 6s 1952 Kan C Ft Scott & M 4s 1936 Kansas City Southern 3s 1950 Kansas City Southern (as 1950 Lake Shore 4s 1928 4 Lake Shore 4s 1931 Lehigh Valley 6s 1928. Louis & Nash unified 4s 1940. Touis & Nash 1st ref 515 2003, . Market St Ry con bs 1924. : Mil Elec Ry & Lt 1st ref 55 '61... M St P & S S M 6358 1931 Mo Kan & Tex 1st 4s 1990 Mo Kan & Tex pr In 55 A Mo Kan & Tex adj 5s 1967 Missouri Pacific 6s 1949 Missouri Pacific gen 4s 1 N O Tex & Mex inc 55 1935..... New York Central deb 6s 1935. . New York Cent deb 4s 1934.... New York Cent ref imp oS Z013. N Y NH & H cv deb 6s 1948... N Y West & Boston 415 1946. .. 85% Norfolk & Western con 4s 1996, 101% Norfolk & Western cv 6s 1929.. Northern Pacific 3s 1947 5 81!. Northern Pacific 4s 199’ 106% Northern Pacific ref imp 65 2047 99% Ore Short Line gtd 5s 1946. 90% Ore Short Line ref 4s 1929 76% Ore-Wash 1st ref 4s 1961. 98 Pennsylvania gen 5s 1968. 88 Pennsylvania gen 4%s 1965. 106% Pennsylvania 6¢s 1936... 21 Peoria & Eastern inc 45 1990, 921, Pere Marquette 1st 58 1950 81 Reading gen 4s 1997. 60% Rio Grande Western 72% R I Atk & L 4%s 1934. 74% StLIM & SR & G 4s 65 St L & San Fran prln 4s A 80 St L & San Fran pr In 5s 1950. 58 St L & San Fran inc 6s 1960 88 St L & San Fran 6%s B 1942, 70% St L & San Fran adj 6s 1956 39% Seaboard Air Line ref 4s 1959.. 229 Seaboard Air Line adj Gs 1949. 58% Seaboard Air Line con 6s 1945.. 90 Southern Pacific cv 4s 1929 831 Southern Pacific ref 4s 1955. 77% Southern Pacific col 4s 1949 92% Southern Ry 1st bs 1994.. 66% Southern Ry gen 4s 1956. . 100 Southern Ry dev 6%s 1956. 45 Third Ave adj 5s 196 88% Union Pacific 1st 4s 19 94% Union Pacifie cv 4s 1927 90% Virginian Ry 1st bs 196: 94 ‘Wabash 1st 5s 1939 ‘Western Maryland 4s 7l ‘Western Pacific 55 1946. 71, West Shore 1st 48 2361 " 108m 9914 813 617, 101% 64% 100 89 9576 67 101% 101% 9% 4T 4T% FINANCIAL 2 B £ : ' 'BOND SUMMARY FOR THE WEEK xhu 99-22 427 . Low. Last. 4 101% 101'/.1 1 100% 100% 101% 101% 99 99% 102% 103% 102% 103% 102% 103% 4212 4 93 93 92% 92% 80% 80% 76 T6% 79 9 79 79 51% 51% 33% 33 5 101% 102 109% 100% 92" 12 107 107 101% 1011 ; 92 92 99 99 854 85l 104% 104% | 116 - 116 112% 1124 102 90% 100% 100 i lor VIOLENT DECLINES . IN STOCK MARKH Saturday Session Sees New Low Records for Year in Many Leading Issues. STEEL AND BALDWIN DROF Traders Take From 5 to 15 Point Losses—Marks Improve—Rails Are More Steady. By the Associated Press v YORK, July 28.—Heav liquidation by tired and discouraged holders of long stock, particularl oil shares, and a renewal of yester- day’s short selling brought about au other sharp reaction in prices in to day's stock market Industrials were the hardest hit, the average of jtwenty leading issues dropping more than 1 point to for the vear. offered better sistance’ tc selling pressure, reces sions as a rule being limited to frac tions. a new low record Ol Stocks Lead Break. Reports from Chicago that iuid ern refiners were preparing t ahut dowh theis plants for the mon of August inspired the selling of ti oils, Houston and the Pan-Ameri issues each yielding about on the day ile Marland, Cosden, Producers and R Royal Putch and the Standard ssucs showed net losses ranging all fractions to 13 points Much of the stock thrown into the et today was purchased 5 to 15 hove present quotations. ablishment of new lows for th. by such t 1 also attracted consides attention Rensons for Selling Pressure. lative fear of ces in Germany, tendenc: commodit, ¥ e trend of fall busin nfluenced today’s selling. Liquidation of the hard coal eca riers, such as Lehigh Valley, Reardir and Delaware and Hudse which dropped a point or the result of the breaking of of wage negotiations by the con- ference of operators and union min exchange rates were & 96% 967 109% 110 | 1047 105 931 94 92% 901, i 97' 971e ll!‘. 111t 78 18 | 101 101% 807 805 8314 4% 5% 94 941, 4 112'. 114% 19!. % . 89 90 114% 114% 0% 1% 101 101% 1021 10 85% 86 99%% 100 73% ,| administration 2 107% 107% 984 98% 66%% | 8514 ¢ 94% 9 91 101% 1017 90% 90% 10415 10414 93y 93% 821 83 102% 103 T4y 74! 6% 50 92% 531 5l Y% 103% 103% Pt . 34% | 891 90 107% 107% ! 5914 60 | 83% 83% 106% 107% ! L1024 102% 92 92 91 79% 100 100% 89% 30 108% 108% 21% 21% 94% 94& 86% Italian and Dutch quot: tions also registered recesslons. Ger man marks showed moderate fm provement again, getting above the 0001-cent mark. Clearing Houxe Report. The weekly clearing house statd ment showed a contraction of $2i. 039,000 in loans. discounts and § ments, a decrease of $450,000 the reserve of member banks I the Federal Reserve Bank and decreases of $44.94 uand deposits and time deposite. Aggre totaled $520,9 1 reserve of '§ of $6,426 previous week. BIG RAIL MERGER APPEARS LIKELY Van Sweringens to Ask I. C. C. for ‘. Permit to Unite C. & 0. With Nickel Plate. NEW YORK, July 28—The Va Sweringens, owners of the new Nickel Plate railroad and chief stockholders in the Chesapeake and Ohio, will probab! file application with the Interstate Com- merce Commission shortly for the con- solidatlon of these two properties, says the New York Tribune. The exact 8ate on which action will be taken is as vet over the ! unknown, but it is understood that it will be this fall. The commerce com- mission, which has been investigating the question of rallroad consolldatio now for some months past, is expected to Incorporate the substance of its in quiries in a formal report soon, and it pointed out that application for the merger would be made before this rc port is compiled, Tiw_consolidation of the Nickel Plate and Chesapeake and Ohio under one management would make for operating cconomies in many directions. it is said. head charges. The combination of the ms would place under a single somewhat over 4,200 miles of track throughout the eastern and southeastern section of the country. The five roads comprising the Nickel Plate system at the present time have ja total mileage of 1,700, while that own~ ed and leased by the Chesapeake totals 553 miles. SOUTH PENN 0OIL DROPS 14 POINTS 'Week's Tiading ‘on Curb Finds Many Shares Making New Low Marks for Year. By (he Associated Press. NEW YORK, July 28.—After i lar movements in the first few davs the week wound up with a general 741 | selling movement that carried prices of some issues down to new low r: ords for the vear The market sisted to a material degree the wa ing tendency shown in other trading groups, but as declines in other mar- kets progressed weakness extended to the curb securities, and there was a general contraction of demand in |the past fow dava. Petroleum issues were naturally in- fluenced by the unsettled condition {of the crude oil market, following the statement of record-breaking produc- tion last week. and when further de- clines were announced in crude oll and petroleum products the supply of # these stocks increased to a consid~ orable volume, The heaviest loss? was in South Penn Oil, which dropped 14 points to 105. The high price ot this stock of the year was 196. Pri rie Oil and Gas, Magnolia, and a ni ber of other high-priced issues aisoy sustairied violent decline: MARYLAND FARMERS . * BORROW $2,658,000:- 63% | 1% ! 85% | 80'% 80% 95% 95% 67 6T | tarmers BALTIMORE, . July 28.—Marylana' have borrowed $2.657,300. from the banks of the federal (4bini: loan system, according to a_tabula- : tion up to June 30, compiled from e~ he Federal Farm Loan rand total of all losms: was $1,160,694,516, including federal and joint stock bank loans. Maryland, the figures show, is Afh from the jast of the states in_the amount which her farmeérs have bor- rowed from the farm loan system. Only New Hampshire, Rhode Island. 91% 92 5 95 958 95% 60 80% 79% NDelaware and Nevada have made less use of the credit facilities of the sya- tem. In population Maryland ~is twenty-eighth. During the year ended Junc 3 Maryland farmers borrowed $852,90 $36,500 from the joint-stock iand banks and $616,400 from the federal bank here. [ .